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Friday, January 09, 2009
Market Winners & Losers: AK Steel, Apollo Group
By David O'Brien
FOXBusiness
It was a rough end to a rough week. With news of unemployment reaching highs not seen in years and more than 500,000 people let go in December, the major indices finished down nearly 2.2% on the day.
Here are some of Friday’s winners and losers:
Winners
Apollo Group Inc. (APOL)
Apparently school is cool -- the online educator seems to be benefiting from the weak job market, with many people going back to either finish a degree or further their education. Shares finished the day up nearly 10%, closing at $85.27 -- a gain of $8.05.
Stryker Corp. (SYK)
The company, a diamond in the rough, saw growth during the fourth-quarter of 3.6%. Shares gained $2.38, or more than 6%, on Friday to close at $40.96.
Reynolds American Inc. (RAI)
Maybe the economy is driving people to smoke; the tobacco products manufacturer bounced off its 52-week lows, gaining just under 5%, or $1.79, on the day to end at $39.33.
SLM Corp. (SLM)
After closing a $1.5 deal with Goldman Sachs International (GS), things seem to be looking up for Sallie Mae. The stock finished the week at $10.65, an increase of 48 cents.
Tyson Foods Inc. (TSN)
News that Tyson will not have to lay off workers in order to regain profitability helped the stock close out the first full week of trading in the New Year on the up side. Shares last traded at $8.45, up 31 cents on the day.
Losers
Lennar Corp. (LEN)
As if there weren't already enough financial scandals to go around, one of the U.S. largest home builders was thrown into another one. Details arose this week of a possible mishandling of capital in the '90s, which in turn drove the stock down $2.27, or nearly 20%, to close at $9.15.
AK Steel Holding Corp (AKS)
Not much is working for the steel producer, it had its earnings slashed, and then announced that it is going to have to lay off a number of employees. Shares fell $1.93, or 15%, to end the session at $11.07.
Jones Apparel Group Inc. (JNY)
After a Moody’s downgrade and dismal retail numbers, the stock saw prices drop significantly at the start of trading Friday. Shares ended the day down 83 cents, or 14%, to close at $4.92.
Coach Inc. (COH)
This is another retailer getting hurt from weak sales -- the apparel and accessories maker watched shares fall $2.79, or more than 13%, to end the week at $18.11.
CVS Caremark Corp. (CVS)
Drug stores are feeling the strain of weak retail sales. Shares ended the day down $3.65, or nearly 12.5%, to close at $25.69.
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